Mytilineos “Flash Notes” on 2020 financial statements: Souriadakis Tsibris advises on new practice for the publication of financial results, launched in the Greek market by its client, Mytilineos S.A.

Mytilineos S.A. was the first Greek issuer to use ‘Flash Notes’ for publishing its preliminary financial results, via an announcement released on Thursday, 4 February 2021.

This practice consists of the early publication of key elements of the financial statements before the due date for the publication of the formal yearly or six-months financial report.

Today, investors in Greece do not have any indication on the financial performance of an issuer for the previous year or six-month period, until the publication of the full financial report required under the Transparency Directive, usually several months after the lapse of the respective period. The newly launched practice enables investors to get a clear picture of the financial performance of that issuer weeks or even months before such formal reports are revealed, thus promoting market transparency and integrity.

For the purpose of launching this new practice, Mytilineos S.A., supported by Souriadakis Tsibris, went through a consultation process with the Hellenic Capital Market Commission in the last months, and obtained the regulator’s ‘green light’ to proceed, after certain legal and practical issues were resolved, including the mandatory content of the preliminary results announcement, the determination of the starting point of the blackout period under Article 19 par. 11 MAR and others.

For more information on issuer transparency issues, including market abuse concerns, you may contact Michael Tsibris or Giannis Koumettis of our firm.